Stock Market Viewpoint

Thursday, October 16, 2014

Mid Afternoon Chart Update

Since this morning the Indexes have broken out of their blue channels slowly trying to make their way back into their red channels as shown in the top chart cluster.

Looking at the multiple channels, chart 2 of the S&P, we can see that the S&P showed support at the top line of the green channel this morning but is now starting to show resistance at the lower line of the brown channel above it.

Looking at chart 3, VXX, we see that after gapping well above the 40.25 line at the open, here in the past hour it is starting to show support at that line instead of falling back under it. Overall, pretty neutral and tentative.

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